7D Surgical has announced the closing of its largest round of private financing secured by the company to date.
7D Surgical raised $[mepr-active rule=”374″ ifallowed=”hide”]##Subscribe today to see our research on this and all other subscriber ONLY items##[/mepr-active][mepr-active rule=”374″]5 million by way of convertible debenture offering from 22 investors from Ontario, Alberta and BC. $4.06 of the total funding came from 13 Ontario investors. At the option of the holders, at any time prior to the close of business on the business day immediately preceding the maturity date, January 15, 2020, the principal amount of the debentures and any accrued but unpaid interest thereon, is convertible in whole or in part, into common shares of 7D Surgical at a conversion price equal to $2.07.[/mepr-active]
Toronto based 7D Surgical develops advanced optical technologies and machine vision-based registration algorithms to improve surgical workflow and patient care. 7D Surgical’s flagship FDA 510(k)-cleared and Health Canada-approved Machine-vision Image Guided Surgery (MvIGS) system delivers profound improvement to surgical workflows in spine surgery, providing the promise of similar future advancements in other surgical specialties.
7D Surgical intends to use new funding to support the commercial launch of MvIGS system along with the development of an exciting pipeline of innovative and groundbreaking features for both spine and cranial surgical navigation.
“The latest investment into 7D Surgical will allow our team to aggressively scale our commercial footprint to meet the demand for our MvIGS technologies,” said Beau Standish, Chief Executive Officer at 7D Surgical. “We believe the hospital market will continue to adopt innovations that will lower costs while improving efficiency and safety. The 7D Surgical system is perfectly positioned to fulfill each of these objectives.”
7D Surgical has integrated principles common in self-driving vehicles and facial recognition to create the first and only MvIGS platform. 7D Surgical’s Flashä Registration and Flashä Fix technology allows spine surgeons to perform spinal registration in just seconds, saving valuable operative time. Clinicians can also update the patient registration with a simple foot pedal click at any time. The system uses only visible light, eliminating the patient and staff exposure to intraoperative radiation which is common with older technologies.
“We have been thrilled by the response from clinicians who have implemented the MvIGS technology,” said Brian Stuart, Vice-President of Sales and Marketing at 7D Surgical. “The immediate and positive impact on surgical workflows, radiation reduction and sterile control of the technology has strongly resonated with surgeons and operating room staff. These advantages, along with the significant cost savings over current options, makes MvIGS a win for everyone, including hospital administration.”
7D Surgical will be presenting live demonstrations at the upcoming Texas Association of Neurological Surgeons Meeting in Houston from Feb 9-10, 2018 and at the Spine Summit Meeting in Orlando from March 15-16, 2018.
photo credit: 7D Surgical